UPDATE 1-Moody's downgrades #Oman on challenges to fiscal consolidation | Reuters

UPDATE 1-Moody's downgrades Oman on challenges to fiscal consolidation | Reuters:

Moody’s cut Oman’s credit rating to junk, saying its outlook for the rating was negative and citing fiscal challenges in an environment of moderate oil prices. 


Oman’s state coffers have been hit hard by a slump in oil prices in recent years, resulting in a wide budget deficit that it has struggled to tame.

Both Fitch and S&P have also cut Oman’s rating to junk over the past two years.